• Latest
  • Trending
Sunday, October 13, 2024

No products in the cart.

No products in the cart.

Bitcoin will see long bear market says trader with BTC price stuck at $19K

YOU MAY ALSO LIKE

Bitcoin (BTC) was unable to recover its recent losses until July 2 as traders were preparing to continue stagnant price behavior.

BTC / USD 1-hour candlestick chart (bitstamp). Source: TradingView

“Accelerating downtrend” is still valid

Cointelegraph Markets Pro and TradingView I tracked the stumbling block of BTC / USD when chopping around $ 19,000 over the weekend.

Wall Street’s trading week ended surprisingly, US stocks were virtually stagnant, and little stimulus to cryptocurrency volatility. The US dollar index (DXY), which was just born from a retest of the highest price in 20 years, lost momentum until it lapped 105 points.

US Dollar Index (DXY) 1-hour candlestick chart. Source: TradingView

The largest global exchange Binance purchase order data shows that BTC / USD is sandwiched between buying and selling liquidity close to the spot price, until the trader manipulates or significantly adds bids or asks. We have confirmed that there is a lack of volatility.

BTC / USD orderbook data (Binance).Source: Material indicator

When zoomed out, the outlook seemed less optimistic for the bull.

In the case of the popular trading account Altcoin Sherpa, the current situation promised long-term non-stimulating performance from Bitcoin, which could last most of 2022.

“Once the bottom is found, it will take months to chop and accumulate,” it said. Said Twitter followers.

“And it may not bottom out for a few more months from today. Hanker down to the Long Bear Market IMO.”

This sentiment was reiterated by trader and analyst Lect Capital, who claimed that Bitcoin had not yet set a new macro low or started integration.

“Use yourself. Keep Bitcoin refrigerated. Sit down,” said Checkmate, a chain analyst at research firm Glassnode. Added..

Does the all-time high volume volume reflect 2018?

The next week or two may prove to be the lows of this cycle, while giving some hope to those who are concerned that the bottom is still months away.

Related: Price Analysis 7/1: BTC, ETH, BNB, XRP, ADA, SOL, DOGE, DOT, LEO, SHIB

and Twitter thread On the day, economist, trader and entrepreneur Alex Krueger said BTC-denominated trading volumes hit a record high last month.

“In principle, trading volumes are highest when the market surrenders,” he explained.

He added that the 2018 bear market actually had record highs a few weeks before the price fell, and if this trend follows, July could be the next site. rice field.

Earlier, Rekt Capital argued that buy-side volumes weren’t strong enough to sustain fresh price increases over the long term, while highlighting volume movements in 2018.

The views and opinions expressed here are those of the author and do not necessarily reflect the views of Cointelegraph.com. All investment and transaction movements carry risks. When making a decision, you need to do your own research.